A group term life insurance policy is usually issued for a period of one year, and renewable each year.
The premiums are experienced rated, based on the company's number of deaths, and range of employees' ages.
If your employment is terminated, you may be able to convert your group term life insurance coverage to an individual permanent life insurance policy, which will cost you more money. Otherwise, you may be left without any life insurance coverage.
That's why it may be a good idea to consider buying your own individual life insurance protection you can keep with you, whether you retire, lose your job, or quit.
Term life insurance can provide affordable life insurance protection for up to 30 years, offering lower rates than whole life insurance. Learn more about how term life insurance works and compare free quotes online.